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Changes as per Insurance Laws (Amendment) Bill, 2015

Insurance Laws (Amendment) Bill, 2015 amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999. It provides for raising FDI cap in insurance sector from 26% to 49%. 1- The foreign equity cap in insurance sector is increased to 49 per cent as

What is Work-based and Personal Pension?

What is a work-based pension? A work-based pension scheme is set up by an employer to provide a way for employees to save for their retirement. Both the employer and the employee may contribute to the scheme. The employee’s contributions are usually collected directly from their salary or wages. Types of work-based pension scheme There

What are the Advantages of Saving into Pension?

These are two advantages of saving into Pension: 1- Tax Relief – The taxman will give following tax relief (under Sections 80C, 80CCC and 80CCD) to your pension contribution. The limit for maximum deduction (As per Section 80CCE) available under Sections 80C, 80CCC, and 80CCD (combined together) is Rs. 1,00,000/- (Rs. one lac only). 2-

What is a Pension Plan?

What is a Pension? The english dictionary defines the word pension as “a fixed amount, other than wages, paid at regular intervals to a person or to the person’s surviving dependents, especially to a person retired from work.” A pension is just one way of saving for retirement. Some people choose to invest in property,

Pension Terms You Must Know

Annuitant This is a person who receives, or is entitled to, an annuity. Annuity This is a fixed amount of money paid each year until a particular event (such as a death). It might be split into more than one payment, for example monthly payments. Annuity Rate This compares the size of an annuity (how